Mark J. Garmaise

About

Mark J. Garmaise is a Professor of Finance at UCLA Anderson School of Management, holding the Joel Fried Chair in Applied Finance. He graduated magna cum laude from Harvard University with an A.B. in mathematics and philosophy and earned his Ph.D. in finance from Stanford Graduate School of Business in 1998. Garmaise has held academic positions at Chicago Booth and UCLA Anderson, where he was appointed as a visiting assistant professor of finance in 2001, promoted to associate professor with tenure in 2008, and became a full professor in 2015. He also served as dean of the full-time MBA program between 2014 and 2015. His research focuses on using empirical data to investigate the effects of asymmetric information and incomplete contracting, particularly in real estate markets and entrepreneurial firms. Garmaise's primary research interests include corporate finance, real estate, entrepreneurship, and banking. He is recognized as an award-winning instructor and a highly respected authority on finance, venture capital, and private equity, with numerous publications in leading journals.

Research topics

• Business
• Finance
• Financial system
• Economics
• Computer Science
• Marketing
• Monetary economics

Selected publications

• Business Microloans for U.S. Subprime Borrowers

  Journal of Financial and Quantitative Analysis · 2016-02-01 · 31 citations

  article

  Abstract We show that business microloans to U.S. subprime borrowers have a very large impact on subsequent firm success. Using data on startup loan applicants from a lender that employed an automated algorithm in its application review, we implement a regression discontinuity design assessing the causal impact of receiving a loan on firms. Startups receiving funding are dramatically more likely to survive, enjoy higher revenues, and create more jobs. Loans are more consequential for survival am…

  PublisherDOI

• Consumer Default, Credit Reporting, and Borrowing Constraints

  The Journal of Finance · 2017-05-15 · 27 citations

  article1st authorCorresponding

  ABSTRACT Why do negative credit events lead to long‐term borrowing constraints? Exploiting banking regulations in Peru and utilizing currency movements, we show that consumers who face a credit rating downgrade due to bad luck experience a three‐year reduction in financing. Consumers respond to the shock by paying down their most troubled loans, but nonetheless end up more likely to exit the credit market. For a set of borrowers who experience severe delinquency, we find that the associated cred…

  PublisherDOI

• How Much Does Credit Matter for Entrepreneurial Success in the United States?

  SSRN Electronic Journal · 2012-01-01 · 14 citations

  articleOpen access
  PublisherDOI

• Spending Less after (Seemingly) Bad News

  The Journal of Finance · 2024-04-29 · 11 citations

  article1st author

  ABSTRACT Using high‐frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12‐month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low‐income households display greater excess sensitivity to salience. The dec…

  PublisherDOI

• Borrower Misreporting and Loan Performance

  SSRN Electronic Journal · 2013-08-14 · 11 citations

  articleOpen access1st authorCorresponding

  Borrower misreporting is associated with seriously adverse loan outcomes. Significantly more residential mortgage borrowers reported personal assets just above round number thresholds rather than just below. Borrowers who reported above-threshold assets were almost 25 percentage points more likely to experience subsequent delinquency (mean delinquency was 20%). For applicants with unverified assets, the increase in delinquency was above 40 percentage points. Misreporting was most frequent in are…

  Publisher

Frequent coauthors

• Tobias J. Moskowitz

  Yale University

  59 shared

• Gabriel Natividad

  University of Piura

  18 shared

• Efraim Benmelech

  Kellogg's (Canada)

  17 shared

• Darren Aiello

  Brigham Young University

  6 shared

• Shimon Kogan

  Brandman University

  5 shared

• Cesare Fracassi

  The University of Texas at Austin

  4 shared

• Bhagwan Chowdhry

  Indian School of Business

  3 shared

• Mark Jansen

  3 shared

Awards & honors

• 2012 Neidorf Decade Teaching Award
• 2011 Full-time MBA Teaching Excellence Award
• 2009 Fully Employed MBA Teaching Excellence Award
• 2007 Citibank Teaching Award for most outstanding MBA teache…
• 2006 Eric and E Juline Excellence in Research Award

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